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    Rebuild
    Rebuild
    Rebuild
    Ebook173 pages1 hour

    Rebuild

    By Basila Muhammad Guisse

    ()

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    About this ebook

    Did you know that the poorest households in America are those headed by single moms? It's true! Over half of their income is spent on housing expenses and child care, leaving them with little to no money to eliminate debt, save for retirement, or invest. When it comes to single mom's finances, having no money plan is a recipe fo

    LanguageEnglish
    PublisherBook Power Publishing
    Release dateSep 25, 2021
    ISBN9780982221549
    Rebuild

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      Book preview

      Rebuild - Basila Muhammad Guisse

      Copyright © 2021 by Basila Muhammad Guisse

      The material in this book is supplied for informational purposes only and is not meant to take the place of professional advice. As your individual situation is unique, if you have questions relevant to your personal finances you should consult with a trusted professional. While all the stories and anecdotes are based on the author’s experience and conversations, some of the names and identifying details of the persons involved have been changed to disguise those persons’ identity. Any resulting resemblance to persons alive or dead is entirely coincidental and unintentional.

      The author may be contacted at www.basilmuhammadguisse.com.

      Published in the United States by Book Power Publishing,

      an imprint of Niyah Press, Detroit, Michigan.

      www.bookpowerpublishing.com

      All rights reserved. No portion of this book may be used or reproduced in any manner whatsoever without written permission except in the case of brief quotations.

      Book Power Publishing books may be purchased for educational, business, or sales promotional use. Special editions or book excerpts can lso be created to specification. For details, contact support@bookpowerpublishing.com

      First Edition

      PRINTED IN THE UNITED STATES OF AMERICA.

      ISBN: 978-0-9822215-4-9 (ebook)

                 978-1-945873-37-9 (paperback)

                 978-0-9822215-6-3 (hardback)

      Contents

      You’re Pregnant!

      Foreword: From A Daughter’s Perspective

      Part I: Single Moms And Money

      Chapter 1: Your Relationship With Money

      Chapter 2: How Do You Really Feel About Money?

      Chapter 3: How Do You Act Around Money?

      Chapter 4: Own Your Money Situation

      Chapter 5: The Mind Matters

      Chapter 6: The Negative Money Mindset

      Chapter 7: Releasing Your Old Money Stories

      Chapter 8: Common Money Mistakes Single Moms Make And How To Avoid Them

      Part Ii: Single Mom’s Money Plan

      Chapter 9: Building Block 1 – Budget With Intention

      Chapter 10: Building Block 2 – Emergency Savings

      Chapter 11: Building Block 3 – Debt Reduction And Elimination

      Chapter 12: Building Block 4– Build Your Savings And Increase Your Net Worth

      Chapter 13: Building Block 5 – Your Credit

      Chapter 14: Building Block 6 – Increase Your Income

      Chapter 15: Building Block 7 – Eliminate Mortgage Debt While Investing For Retirement And College Education

      Chapter 16: Building Block 8 – Wealth-Building

      Congratulations, Single Mom!

      Recommended Books

      Appendix: Worksheets

      In Gratitude

      To my beautiful mother, Arthur Mae Pearson,

      my first example of a true boss mom.

      Thank you for being everything

      I wanted you to be and being

      everything I needed you to be.

      To single boss moms everywhere,

      who make the impossible

      happen every day.

      boss mom

      [baws mom]

      Noun: A resilient single mom who raises babies against all odds

      The True Meaning of Boss Mom

      A boss mom is normally defined as a career woman who is a mom and makes all the decisions at work. Moms, in general, make decisions every day that affect their families in numerous ways. So, the term boss mom is not limited to career women but defines women around the globe in their many roles and across all socioeconomic and racial spectrums.

      Single moms have always been boss moms in their own right. They get the job done, whether the job is being a stay-at-home mom or a career mom. You will notice that every chapter in this book begins with the greeting Hey, boss mom! This is done intentionally to remind you of your greatness, to acknowledge your successes, and to encourage you to keep pressing forward when you have lost hope—all while being a single mom.

      So, go ahead and embrace the title of boss mom. Appreciate the woman you are and honor the woman you are becoming. You’ve earned it, and you deserve it.

      You’re Pregnant!

      YOU’RE PREGNANT! These words from my doctor kept replaying in my mind like a broken record as I walked to the bus stop to catch the next bus home. The winter weather had just broken, but it was still cold. Here I was, 16 years old and finishing my sophomore year in high school, only to be told that I was pregnant. This was not a conversation I was looking forward to having with my mother. Knowing that she gave birth to my oldest brother when she was a high school freshman, I could hear her words coming at me with a raging force before I even made it home: You’ll never finish school. You’ll be on welfare the rest of your life. You just messed up your life. I knew this was her way of letting me know that she was disappointed with me; she had said similar things to me many times before. Nevertheless, her words were not encouraging. In the back of my mind (I knew not to say it to her face) I told myself that I would prove her wrong. Not because I felt I had something to prove, but because I knew I was better than her expectation of me.

      I remember the look on my high school counselor’s face when I told her I was pregnant. Although she tried to put on a poker face, she looked mortified! She looked down and asked me about my plans as she was scribbling on some paper. I told her that I was transferring to a school closer to home and continuing my education. She rushed to write my school transfer slip and almost threw it at me. Then she looked at me with pity and wished me luck. It wasn’t long before I gave birth to a beautiful daughter, graduated high school with honors six months early, and was accepted into the college of my choice. Again, I didn’t feel that I had something to prove. I just knew that I was better than people’s expectations of me.

      My daughter’s father, for whom I had a special love, was sent to prison for two years (a different story for a different book) shortly after I told him I was pregnant. This was the beginning of my journey. It was scary, lonely, and stressful. I was still attending high school, working part-time at McDonald’s, and being a single teenage mom. Needless to say, my daughter’s father and I didn’t resume our relationship when he was released from prison, and he moved to another state.

      Single motherhood continued through two more children, but I continued to work hard, landed better paying jobs, and finally finished graduate school. I was introduced to the concept of credit during this time and hit my rock bottom when I became buried in debt and didn’t have money to buy food. I was horrified at the thought of becoming homeless, not even having a car to take my children to school and go to work.

      My two biggest challenges at this time were pretty simple: not having enough money, and not properly managing the money that I did have. I was living paycheck to paycheck with a huge amount of debt. By the grace and mercy of the Creator, I was able to do my work to get on my feet, deal with my debt nightmare, and rebuild my finances. I eventually learned that my money issues were deep rooted from childhood messages, my mindset, and daily bad habits. I also learned to embrace healing myself, and now I unapologetically share my journey and process with other single moms.

      Empowering single moms like me to rise above their circumstances and the stigma others place on them has become my burning passion. I want to share my experiences, lessons, and guidance to help other moms avoid making the same money mistakes I made. Single moms, this book is my gift to you!

      In this book, I share the tools I used, and continue to use, to help me rebuild and manage my finances. I also provide real-life tips on how to get out of debt, boost your credit score, save, and invest. Some of the lessons I learned were gleaned from my journey while other lessons come from circumstances shared by other single moms that I’ve known. In the spirit of honesty, I will be in your face about your finances; avoiding the truth and reality about what is going on will only make matters worse. My goal in being honest with you is to encourage you to be honest with yourself. Your honesty may cause you to feel some discomfort at first, but the truth will set you free.

      This book is divided into two parts, each set up as a gateway to advancement as you travel along your financial journey. Each part is designed to educate and elevate you as you progress in rebuilding and transforming your financial position.

          Part I consists of foundational lessons that address your

      relationship with money. You will be challenged to acknowledge and change your financial beliefs, habits, and patterns. You will learn common and avoidable financial mistakes frequently made by single moms that delay the rebuilding process. You will also learn how to recognize and dodge financial pitfalls.

          Part II lays out financial recovery and money management strategies you can use to reduce and eliminate debt; to save for emergencies, retirement, and college education; and to invest and build wealth. You will develop confidence in your finances as you make a plan and achieve one financial goal at a time. You will be able to find inner peace as you see the positive results from consistently engaging in healthy money management strategies.

      Each chapter of this book builds upon the previous one to support, guide, and encourage you to success. I created a free Money Management for Single Moms (MMSM) Toolbox with downloadable worksheets for you to practice and build your money management skills along your journey. Blank templates and completed sample worksheets are in the Appendix. You can access the MMSM Toolbox at bit.ly/REBUILDToolbox.

      Taking the necessary steps to rebuild your finances is an indication of your courage to be successful. You may say to yourself that more money will make you successful. Well, I’m here to tell you that as long as you have the determination, patience, and faith to take the steps necessary to gain total control of your finances, you are already on your way. You can do it, and this book will guide you.

      Join me as I share my journey and you begin your own!

      Foreword:

      From A Daughter’s Perspective

      When my mother asked me to write the foreword for REBUILD: Money Management for Single Mothers, I immediately thought, I have no idea how I’m going to do this, or what I’m going to say. At that point, I had been helping her solidify ideas and make minor edits to the

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